Displaying items by tag: 4,000 jobs at risk

7th April 2020

'Running Out of Time’ as P&O Ferries Attempts to Stay Afloat with 4,000 Jobs at Risk

P&O is struggling to convince UK ministers to agree to put in £150m from taxpayers. The ferry firm delivers around 15pc of all the goods imported into Britain. Above AFLOAT adds in this file photo is underway on the Irish Sea P&O's Dublin-Liverpool freight/passenger (ropax) ferry Norbay. Note astern of the freight trailers on the upper deck is an Irish Coast Guard helicopter on a training exercise.

According to The Telegraph, the jobs of almost 4,000 at P&O Ferries are under threat as the 180-year-old firm teeters on the brink of collapse.

The ferry company's Dubai owner is scrambling to agree a £250m rescue deal that will include cuts to staff's wages and pensions alongside a UK Government bailout.

DP World is understood to be preparing to inject tens of millions of pounds to keep the business afloat – but P&O is struggling to convince ministers to agree to put in £150m from taxpayers.

English Channel (and Irish Sea) operator P&O is struggling after passenger numbers collapsed when Britain and swathes of continental Europe went into lockdown last month.

For further reading click here and from a previous related report on measures to concentrate on freight.

Afloat adds that P&O's operation on the Irish Sea is the Dublin-Liverpool route in addition across the North Channel with the Larne-Cairnryan service.

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About Foyle Port

Foyle Port, located in the North West region of Northern Ireland, is estimated to handle around 2 million tonnes of cargo per year, with a trade value of approximately £1 billion. The port plays a crucial role in facilitating the import of essential agri-products, supporting around 20,000 farms in the region, as well as various local business sectors such as fuel/oil and construction industries. The organisation supports an estimated 1000 direct and indirect jobs.

Originally located in the bustling heart of Derry City, the Commissioners relocated the port to its current deep-water location at Lisahally in 1993. The terminal boasts an impressive 440 metres of quay and can accommodate large vessels of up to 62,000 DWT. Foyle Port is primarily a bulk port and a significant importer of essential commodities such as oil, coal, animal feed, fertiliser, and plywood, all of which are vital for the North West rural region.

Since 2003, the organisation has experienced significant growth, doubling both turnover and profit and attracting approximately £100 million of inward investment to the region. This investment has supported projects, including a fertiliser plant, an oil tank farm, and a biomass power station.

Established by Act of Parliament in 1854, the Londonderry Port & Harbour Commissioners is an independent statutory authority with a duty to develop, maintain and operate to the highest standards of efficiency, financial prudence, environmental awareness, safety, and security. The Port is independent of the Government and is self-financing. All financial surpluses are reinvested in the business for the benefit of future generations of stakeholders.